| PUBLIC      SERVICE COMPANY OF NEW MEXICO                                                                                                                                                          |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Ratio      of Earnings to Fixed Charges                                                                                                                                                            |   |
| (In      thousands, except ratio)                                                                                                                                                                  |   |
|                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                               |   | Year      Ended December 31, |   |
|                                                                                                                                                                                               |   | 2008 |   |   | 2007 |   |   | 2006 |   |   | 2005 |   |   | 2004 |   |
| Fixed      charges, as defined by the Securities and Exchange                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commission:                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest      on long-term debt                                                                                                                                                                    |   | $ | 57,473 |   |   | $ | 38,534 |   |   | $ | 40,541 |   |   | $ | 39,408 |   |   | $ | 36,801 |   |
| Amortization      of debt premium, discount and expenses                                                                                                                                           |   |   | 4,345 |   |   |   | 4,618 |   |   |   | 2,871 |   |   |   | 2,856 |   |   |   | 3,036 |   |
| Other      interest                                                                                                                                                                                |   |   | 8,139 |   |   |   | 9,799 |   |   |   | 3,956 |   |   |   | 1,921 |   |   |   | 1,719 |   |
| Estimated      interest factor of lease rental charges                                                                                                                                             |   |   | 15,720 |   |   |   | 16,630 |   |   |   | 16,448 |   |   |   | 16,954 |   |   |   | 16,406 |   |
| Interest      capitalized                                                                                                                                                                          |   |   | 6,815 |   |   |   | 9,712 |   |   |   | 4,882 |   |   |   | 3,113 |   |   |   | 2,158 |   |
|                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      Total      Fixed Charges                                                                                                                                             |   | $ | 92,492 |   |   | $ | 79,293 |   |   | $ | 68,698 |   |   | $ | 64,252 |   |   | $ | 60,120 |   |
|                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings,      as defined by the Securities and Exchange                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commission:                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings      before income taxes                                                                                                                                                                  |   | $ | (76,502 | ) |   | $ | 34,611 |   |   | $ | 89,657 |   |   | $ | 51,034 |   |   | $ | 114,690 |   |
| Fixed      charges as above                                                                                                                                                                        |   |   | 92,492 |   |   |   | 79,293 |   |   |   | 68,698 |   |   |   | 64,252 |   |   |   | 60,120 |   |
| Interest      capitalized                                                                                                                                                                          |   |   | (6,815 | ) |   |   | (9,712 | ) |   |   | (4,882 | ) |   |   | (3,113 | ) |   |   | (2,158 | ) |
|                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings      Available for Fixed Charges                                                                                                                                                          |   | $ | 9,175 | * |   | $ | 104,192 |   |   | $ | 153,473 |   |   | $ | 112,173 |   |   | $ | 172,652 |   |
|                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ratio      of Earnings to Fixed Charges                                                                                                                                                            |   |   | 0.10 |   |   |   | 1.31 |   |   |   | 2.23 |   |   |   | 1.75 |   |   |   | 2.87 |   |
|                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| *      The shortfall in the earnings available for fixed charges to achieve a      ratio of earnings to fixed charges of 1.00 amounted to $83.3 million for      the year ended December 31, 2008. |   |
|                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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